If no news is good news, then it’s been a positive week for the crypto markets.
Global market capitalisation traded within a tight range, with Friday’s opening value of US$1.08tn a slight 1.8% down from Monday. Bitcoin dropped by 1.4% throughout the week while Ethereum followed suit by shedding 1.5%.
There are signs that the market is stabilising after a prolonged period of intense volatility, according to Bloomberg’s senior commodity strategist Mike McGlone, who suggested that Bitcoin could phase into a “directional tilt” akin to US Treasury Bonds.
Today’s biggest gainer was the Flow blockchain, having soared nearly 40% in the past 24 hours to bring its market cap up to US$2.7bn. Developed by Dapper Labs, Flow’s rally coincided with a major partnership announcement with Instagram.
The Waves blockchain saw a 9.5% rise while Trust Wallet’s TWT token added 8.2%. Ethereum scaling solution Optimising was among the biggest daily losers, having shed 4.6% from its market cap, while Filecoin, THORChain and lending platform Nexo also sustained moderate losses.